*Speedo USA just announced that it has terminated its sponsorship of U.S. Olympic swimmer Ryan Lochte after he admitted to lying to Rio police about being robbed at gunpoint.
The company also said it would donate a portion of Lochte’s fee to a Brazilian charity.
“Speedo USA today announces the decision to end its sponsorship of Ryan Lochte. As part of this decision, Speedo USA will donate a $50,000 portion of Lochte’s fee to Save The Children, a global charity partner of Speedo USA’s parent company, for children in Brazil,” the company said in a statement.
“While we have enjoyed a winning relationship with Ryan for over a decade and he has been an important member of the Speedo team, we cannot condone behavior that is counter to the values this brand has long stood for. We appreciate his many achievements and hope he moves forward and learns from this experience,” the company added.
It’s expected that Speedo won’t be the only company swimming away from “Lyin’ Lochte.” Currently, he has endorsement deals with Ralph Lauren and the mattress firm Airweave, according to Time.com.
All of his contracts are presumably in jeopardy.